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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 34 TO TITLE 6 SO AS TO CREATE THE SOUTH CAROLINA MILL VILLAGE INFRASTRUCTURE BANK TRUST FUND, TO PROVIDE THAT AN ELIGIBLE APPLICANT MAY APPLY FOR A WATER OR SEWER CONSTRUCTION PROJECT, AND TO PROVIDE FOR CRITERIA FOR APPROVING A PROJECT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Title 6 of the 1976 Code is amended by adding:
Section 6-34-10. (A) For purposes of this chapter:
(1) 'Mill village' means a group of houses previously or presently owned by a manufacturer in which employees of the manufacturer reside.
(2) 'Eligible applicant' is a county of this State or a municipality in which is located a mill village.
(B) There is created in the office of the State Treasurer separate and distinct from all other funds the 'South Carolina Mill Village Infrastructure Bank Trust Fund'. The trust fund may receive and hold revenues from any source. Earnings on the trust fund are retained in the trust fund and unexpended trust fund revenues at the end of a fiscal year are carried forward in the trust fund. The trust fund may receive revenues from any source the General Assembly may provide by law and from governmental grants. Trust fund revenues may be used only as provided in this chapter.
(C)(1) An eligible applicant, who applies, may apply for water or sewer construction, or both. Funding may be spent only on construction costs.
(2) The Director of the Office of Local Government has the authority to approve a project up to two hundred thousand dollars without Budget and Control Board approval. The Budget and Control Board may approve a project up to five hundred thousand dollars.
(3) On a project administered by the Office of Local Government, the limit approval ceiling is two hundred fifty thousand dollars.
(D) To carry out the functions of the South Carolina Mill Village Infrastructure Bank Trust Fund, the Office of Local Government shall submit a report at the end of the current fiscal year to the Governor, Lieutenant Governor, and General Assembly. The report must account for trust fund and other program receipts, briefly describe grants and loans that were approved by the Office of Local Government during the fiscal year, describe recipients of trust fund grants, and contain a financial audit of the trust fund conducted by the State Auditor or an outside independent certified public accountant.
(E) An applicant project must be an integral part of a larger revitalization project directed toward improving housing stock or creating economic development opportunities, or both. The Mill Village Trust Fund must not be approved for a project unless there is a clear demonstration of commitment of local, state, or federal funds for the completion of revitalization or economic development activities, or both."
SECTION 2. This act takes effect upon approval by the Governor.
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